Foreign nationals seeking to live in Turkey have a significant update to contend with when it comes to securing a residence permit through property ownership. Under Law No. 6458 on Foreigners and International Protection (LFIP), Turkey offers an attractive option for foreigners wishing to reside in the country through a residence permit obtained by owning immovable property. This permit, issued by the Migration Management, enables foreign nationals to reside in specific regions of Turkey for a designated duration. The recent amendments, however, have raised the bar, particularly regarding the minimum property value required for eligibility.
Understanding Turkish Residence Permits
Before we delve into the latest changes, let's understand the basics of Turkish residence permits. These permits are granted to foreign nationals by the Migration Management, and they come in various categories, each with its unique requirements. One of these categories is for foreigners who intend to own immovable property in Turkey.
The Old Requirement
Historically, the property value required for a residence permit was set at a minimum of $75,000 USD. This relatively low threshold made it accessible to many foreign investors and those seeking a second home or retirement destination in Turkey.
The New Property Value Requirement
The recent implementation has significantly altered the landscape for foreigners interested in obtaining a residence permit through property ownership. The minimum property value required has been increased from $75,000 USD to a substantial $200,000 USD. This change comes as part of the government's efforts to attract higher-value investments and maintain control over the property market.
Specifics of the New Regulations
To apply for a residence permit with a title deed, prospective investors must consider several key factors:
Property Value: The property's value must now be at least $200,000 USD.
Location: The property should not be located in districts that are closed to residence permit applications. Some areas, including Fatih, Esenyurt, Avcılar, Bahçelievler, Başakşehir, Bağcılar, Esenler, Küçükçekmece, Sultangazi, and Zeytinburnu, are off-limits for such applications due to the high number of foreign residents.
Valuation Report: Before the property purchase, you must obtain a "Valuation Report" from an expert indicating that the property's value exceeds $200,000 USD.
Ownership: Only the person whose name is on the title deed can apply for this type of residence permit. For family applications, the title deed must be jointly issued in the names of two spouses.
Financial Transactions: Payments must be made through a bank, with no cash transactions accepted. The purchase price on the title deed must match the amount paid to the property owner from the bank. The sale price should be in foreign currency to the Central Bank, ensuring transparency.
Property Type: The purchased property must be a residence or house, not a workplace or land.
Streamlining the Application Process
Obtaining a residence permit with a title deed can be a relatively quick and effective process, but it's crucial to avoid minor errors that could lead to application rejection. Therefore, consulting with specialized attorneys experienced in this field is highly recommended, particularly before the finalization of a property sale. Ensuring compliance with the updated regulations will make the process smoother for those aiming to make Turkey their new home through property investment.
The revised property value requirement might pose a financial challenge for some, but for those willing to invest in Turkey, it also signifies a commitment to maintaining the quality and sustainability of this attractive avenue for obtaining a Turkish residence permit.
Unlock Your Turkish Dream: Secure Your Residence Permit with Kurucuk & Associates!
Are you considering applying for a Turkish residence permit through property ownership? With the recent changes in property value requirements, it's crucial to have the right legal guidance and expertise by your side. At Kurucuk & Associates Law Firm, located in Istanbul, Turkey, we specialize in immigration and property law, ensuring that your application process is smooth and hassle-free. Our experienced attorneys can help you navigate the intricacies of the new regulations and provide you with the best possible guidance for a successful residence permit application. Don't let the updated rules deter your dreams of living in Turkey – contact us today to get started on your journey to obtaining a Turkish residence permit. Your future in Turkey begins here with Kurucuk & Associates Law Firm.